CEAT Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 3, 2025, 1:38 am

Market Cap	11,736 Cr.
Current Price	2,900
High / Low	3,581/2,210
Stock P/E	23.1
Book Value	1,038
Dividend Yield	1.03 %
ROCE	20.4 %
ROE	18.1 %
Face Value	10.0
PEG Ratio	10.50

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for CEAT Ltd

Competitors of CEAT Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Goodyear India Ltd	1,940 Cr.	841	1,260/806	42.1	255	1.78 %	22.0 %	16.0 %	10.0
TVS Srichakra Ltd	2,035 Cr.	2,656	4,900/2,475	48.4	1,404	1.78 %	11.1 %	10.6 %	10.0
JK Tyre & Industries Ltd	7,892 Cr.	288	511/243	13.1	172	1.56 %	19.3 %	20.6 %	2.00
Innovative Tyres & Tubes Ltd	10.2 Cr.	5.65	10.2/4.75		9.21	0.00 %	26.6 %	%	10.0
CEAT Ltd	11,736 Cr.	2,900	3,581/2,210	23.1	1,038	1.03 %	20.4 %	18.1 %	10.0
Industry Average	16,740.83 Cr	1,383.66		29.15	512.74	1.17%	19.06%	16.02%	6.43

All Competitor Stocks of CEAT Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	2,413	2,592	2,818	2,894	2,727	2,875	2,935	3,053	2,963	2,992	3,193	3,305	3,300
Expenses	2,279	2,404	2,653	2,691	2,490	2,507	2,548	2,597	2,546	2,600	2,810	2,942	2,959
Operating Profit	134	188	165	203	238	368	387	456	418	392	383	362	341
OPM %	6%	7%	6%	7%	9%	13%	13%	15%	14%	13%	12%	11%	10%
Other Income	6	-3	2	-14	2	-6	3	10	3	-55	14	3	3
Interest	55	57	52	58	66	67	70	72	66	62	62	66	75
Depreciation	109	110	111	115	117	125	121	124	127	136	132	137	141
Profit before tax	-24	19	4	16	56	170	199	270	228	139	203	162	128
Tax %	-15%	5%	31%	65%	27%	27%	27%	25%	24%	33%	27%	29%	28%
Net Profit	-20	25	9	6	35	132	144	208	181	102	154	121	97
EPS in Rs	-4.95	6.24	2.29	1.94	8.75	33.05	35.75	51.42	44.87	26.84	38.11	30.13	24.01

Last Updated: February 28, 2025, 8:24 pm

Below is a detailed analysis of the quarterly data for CEAT Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹3,300.00 Cr.. The value appears to be declining and may need further review. It has decreased from 3,305.00 Cr. (Sep 2024) to ₹3,300.00 Cr., marking a decrease of 5.00 Cr..
For Expenses, as of Dec 2024, the value is ₹2,959.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 2,942.00 Cr. (Sep 2024) to ₹2,959.00 Cr., marking an increase of 17.00 Cr..
For Operating Profit, as of Dec 2024, the value is ₹341.00 Cr.. The value appears to be declining and may need further review. It has decreased from 362.00 Cr. (Sep 2024) to ₹341.00 Cr., marking a decrease of 21.00 Cr..
For OPM %, as of Dec 2024, the value is 10.00%. The value appears to be declining and may need further review. It has decreased from 11.00% (Sep 2024) to 10.00%, marking a decrease of 1.00%.
For Other Income, as of Dec 2024, the value is ₹3.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 3.00 Cr..
For Interest, as of Dec 2024, the value is ₹75.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 66.00 Cr. (Sep 2024) to ₹75.00 Cr., marking an increase of 9.00 Cr..
For Depreciation, as of Dec 2024, the value is ₹141.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 137.00 Cr. (Sep 2024) to ₹141.00 Cr., marking an increase of 4.00 Cr..
For Profit before tax, as of Dec 2024, the value is ₹128.00 Cr.. The value appears to be declining and may need further review. It has decreased from 162.00 Cr. (Sep 2024) to ₹128.00 Cr., marking a decrease of 34.00 Cr..
For Tax %, as of Dec 2024, the value is 28.00%. The value appears to be improving (decreasing) as expected. It has decreased from 29.00% (Sep 2024) to 28.00%, marking a decrease of 1.00%.
For Net Profit, as of Dec 2024, the value is ₹97.00 Cr.. The value appears to be declining and may need further review. It has decreased from 121.00 Cr. (Sep 2024) to ₹97.00 Cr., marking a decrease of 24.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 24.01. The value appears to be declining and may need further review. It has decreased from 30.13 (Sep 2024) to 24.01, marking a decrease of 6.12.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:37 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	4,992	5,464	5,705	5,484	5,766	6,282	6,985	6,779	7,610	9,363	11,315	11,943	12,789
Expenses	4,538	4,790	5,013	4,694	5,096	5,652	6,332	6,052	6,617	8,643	10,341	10,291	11,312
Operating Profit	454	673	692	789	670	630	652	727	993	721	974	1,653	1,478
OPM %	9%	12%	12%	14%	12%	10%	9%	11%	13%	8%	9%	14%	12%
Other Income	-10	3	16	7	28	9	10	8	10	17	-8	-18	-35
Interest	196	187	142	101	90	104	93	154	179	207	242	269	265
Depreciation	81	87	93	108	143	169	193	277	340	435	469	509	546
Profit before tax	166	403	472	587	466	367	376	304	484	95	254	857	631
Tax %	28%	33%	33%	32%	23%	36%	33%	24%	11%	26%	28%	26%
Net Profit	120	271	314	436	359	233	251	230	432	71	182	635	475
EPS in Rs	35.10	75.44	78.41	108.17	89.28	58.83	62.35	57.17	106.81	17.60	46.02	158.87	119.09
Dividend Payout %	11%	13%	13%	11%	13%	20%	19%	21%	17%	17%	26%	19%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	125.83%	15.87%	38.85%	-17.66%	-35.10%	7.73%	-8.37%	87.83%	-83.56%	156.34%	248.90%
Change in YoY Net Profit Growth (%)	0.00%	-109.97%	22.99%	-56.51%	-17.44%	42.82%	-16.09%	96.19%	-171.39%	239.90%	92.56%

CEAT Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	8%
5 Years:	11%
3 Years:	16%
TTM:	8%

Compounded Profit Growth
10 Years:	9%
5 Years:	19%
3 Years:	13%
TTM:	-24%

Stock Price CAGR
10 Years:	13%
5 Years:	33%
3 Years:	42%
1 Year:	7%

Return on Equity
10 Years:	12%
5 Years:	10%
3 Years:	9%
Last Year:	18%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 3:50 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	34	36	40	40	40	40	40	40	40	40	40	40	40
Reserves	751	993	1,642	2,014	2,374	2,566	2,726	2,867	3,276	3,232	3,399	4,002	4,160
Borrowings	1,038	1,174	775	663	924	872	1,498	2,035	1,533	2,229	2,295	1,792	2,084
Other Liabilities	1,330	1,338	1,365	1,390	1,578	1,669	2,140	2,423	3,284	3,658	3,891	4,160	4,513
Total Liabilities	3,153	3,540	3,822	4,108	4,917	5,146	6,404	7,366	8,133	9,160	9,627	9,994	10,798
Fixed Assets	1,573	1,565	1,581	2,032	2,453	2,709	3,180	4,160	4,763	5,329	6,096	6,271	6,563
CWIP	27	82	229	299	326	310	833	1,069	793	876	596	684	698
Investments	1	0	312	195	232	214	181	184	210	179	170	182	176
Other Assets	1,552	1,893	1,700	1,581	1,907	1,914	2,210	1,954	2,367	2,775	2,765	2,858	3,361
Total Assets	3,153	3,540	3,822	4,108	4,917	5,146	6,404	7,366	8,133	9,160	9,627	9,994	10,798

Below is a detailed analysis of the balance sheet data for CEAT Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹40.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 40.00 Cr..
For Reserves, as of Sep 2024, the value is ₹4,160.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,002.00 Cr. (Mar 2024) to ₹4,160.00 Cr., marking an increase of 158.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹2,084.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 1,792.00 Cr. (Mar 2024) to ₹2,084.00 Cr., marking an increase of 292.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹4,513.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4,160.00 Cr. (Mar 2024) to ₹4,513.00 Cr., marking an increase of 353.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹10,798.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9,994.00 Cr. (Mar 2024) to ₹10,798.00 Cr., marking an increase of 804.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹6,563.00 Cr.. The value appears strong and on an upward trend. It has increased from 6,271.00 Cr. (Mar 2024) to ₹6,563.00 Cr., marking an increase of 292.00 Cr..
For CWIP, as of Sep 2024, the value is ₹698.00 Cr.. The value appears strong and on an upward trend. It has increased from 684.00 Cr. (Mar 2024) to ₹698.00 Cr., marking an increase of 14.00 Cr..
For Investments, as of Sep 2024, the value is ₹176.00 Cr.. The value appears to be declining and may need further review. It has decreased from 182.00 Cr. (Mar 2024) to ₹176.00 Cr., marking a decrease of 6.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹3,361.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,858.00 Cr. (Mar 2024) to ₹3,361.00 Cr., marking an increase of 503.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹10,798.00 Cr.. The value appears strong and on an upward trend. It has increased from 9,994.00 Cr. (Mar 2024) to ₹10,798.00 Cr., marking an increase of 804.00 Cr..

Notably, the Reserves (₹4,160.00 Cr.) exceed the Borrowings (2,084.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	586	197	749	702	335	672	561	956	1,358	619	1,205	1,719
Cash from Investing Activity +	-53	-142	-253	-433	-543	-412	-1,060	-1,076	-618	-944	-849	-854
Cash from Financing Activity +	-466	-40	-194	-326	219	-202	484	79	-731	313	-320	-871
Net Cash Flow	67	15	301	-57	10	58	-15	-40	9	-12	37	-5

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	453.00	672.00	-83.00	126.00	-254.00	-242.00	651.00	725.00	992.00	719.00	972.00	0.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	48	50	45	40	39	43	37	36	44	45	42	39
Inventory Days	59	77	70	76	101	75	88	88	97	79	56	61
Days Payable	83	71	68	75	81	83	92	111	157	131	112	123
Cash Conversion Cycle	25	57	47	40	59	35	33	12	-16	-6	-14	-23
Working Capital Days	8	21	10	13	25	3	1	-12	-35	-25	-26	-28
ROCE %	21%	30%	26%	27%	19%	15%	13%	10%	14%	6%	9%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	47.11%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%
FIIs	22.66%	22.45%	23.78%	24.09%	23.30%	26.20%	24.10%	19.99%	20.16%	18.76%	16.65%	15.83%
DIIs	11.68%	11.15%	11.72%	12.92%	13.60%	12.20%	12.92%	14.29%	15.91%	17.09%	19.75%	20.54%
Public	18.55%	19.20%	17.29%	15.79%	15.90%	14.40%	15.79%	18.50%	16.73%	16.93%	16.39%	16.41%
No. of Shareholders	1,41,725	1,33,430	1,04,016	93,401	94,232	91,364	1,05,875	1,16,509	1,14,397	1,38,315	1,43,063	1,56,333

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Mirae Asset Large & Midcap Fund	1,546,268	1.14	397.24	844,258	2025-04-02	83.15%
Mirae Asset Midcap Fund	875,363	1.49	224.88	844,258	2025-04-02	3.68%
Mirae Asset ELSS Tax Saver Fund	844,258	0.97	216.89	844,258	2025-04-02	0%
Mirae Asset Great Consumer Fund	387,902	2.97	99.65	844,258	2025-04-02	-54.05%
Aditya Birla Sun Life Small Cap Fund	154,856	0.84	39.78	844,258	2025-04-02	-81.66%
Mirae Asset Multicap Fund	136,967	1.31	35.19	844,258	2025-04-02	-83.78%
ICICI Prudential Transportation and Logistics Fund	126,829	1.15	32.58	844,258	2025-04-02	-84.98%
Sundaram Aggressive Hybrid Fund	120,000	0.67	30.83	844,258	2025-04-02	-85.79%
Sundaram Multi Cap Fund	52,105	0.54	13.39	844,258	2025-04-02	-93.83%
Aditya Birla Sun Life Special Opportunities Fund	26,209	0.92	6.73	844,258	2025-04-02	-96.9%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	158.87	46.03	17.60	106.81	57.17
Diluted EPS (Rs.)	158.87	46.03	17.60	106.81	57.17
Cash EPS (Rs.)	277.70	159.08	117.93	181.86	120.98
Book Value[Excl.RevalReserv]/Share (Rs.)	1001.82	854.64	814.92	825.59	724.74
Book Value[Incl.RevalReserv]/Share (Rs.)	1001.82	854.64	814.92	825.59	724.74
Revenue From Operations / Share (Rs.)	2952.65	2797.25	2314.81	1881.24	1675.85
PBDIT / Share (Rs.)	413.34	244.93	178.29	246.42	184.02
PBIT / Share (Rs.)	287.55	128.91	70.70	162.46	115.66
PBT / Share (Rs.)	206.65	60.80	16.35	110.65	70.97
Net Profit / Share (Rs.)	151.91	43.06	10.34	97.90	52.62
NP After MI And SOA / Share (Rs.)	158.88	46.02	17.60	106.81	57.17
PBDIT Margin (%)	13.99	8.75	7.70	13.09	10.98
PBIT Margin (%)	9.73	4.60	3.05	8.63	6.90
PBT Margin (%)	6.99	2.17	0.70	5.88	4.23
Net Profit Margin (%)	5.14	1.53	0.44	5.20	3.13
NP After MI And SOA Margin (%)	5.38	1.64	0.76	5.67	3.41
Return on Networth / Equity (%)	15.89	5.41	2.17	13.02	7.95
Return on Capital Employeed (%)	20.54	9.50	5.20	12.92	9.26
Return On Assets (%)	6.43	1.93	0.77	5.31	3.14
Long Term Debt / Equity (X)	0.23	0.41	0.52	0.40	0.56
Total Debt / Equity (X)	0.40	0.60	0.64	0.41	0.64
Asset Turnover Ratio (%)	1.22	1.21	0.00	0.99	0.99
Current Ratio (X)	0.63	0.64	0.72	0.73	0.79
Quick Ratio (X)	0.36	0.37	0.36	0.36	0.39
Inventory Turnover Ratio (X)	6.05	6.04	0.00	4.10	4.04
Dividend Payout Ratio (NP) (%)	7.55	6.52	102.26	0.00	41.98
Dividend Payout Ratio (CP) (%)	4.21	1.85	14.37	0.00	19.11
Earning Retention Ratio (%)	92.45	93.48	-2.26	0.00	58.02
Cash Earning Retention Ratio (%)	95.79	98.15	85.63	0.00	80.89
Interest Coverage Ratio (X)	6.21	4.09	3.48	5.68	4.93
Interest Coverage Ratio (Post Tax) (X)	3.50	1.86	1.26	3.45	2.61
Enterprise Value (Cr.)	12411.06	7904.07	5853.14	7657.42	5050.49
EV / Net Operating Revenue (X)	1.04	0.69	0.62	1.01	0.74
EV / EBITDA (X)	7.42	7.98	8.12	7.68	6.79
MarketCap / Net Operating Revenue (X)	0.90	0.51	0.40	0.82	0.46
Retention Ratios (%)	92.44	93.47	-2.26	0.00	58.01
Price / BV (X)	2.68	1.71	1.15	1.90	1.09
Price / Net Operating Revenue (X)	0.90	0.51	0.40	0.82	0.46
EarningsYield	0.05	0.03	0.01	0.06	0.07

After reviewing the key financial ratios for CEAT Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 24, the value is 158.87. This value is within the healthy range. It has increased from 46.03 (Mar 23) to 158.87, marking an increase of 112.84.
For Diluted EPS (Rs.), as of Mar 24, the value is 158.87. This value is within the healthy range. It has increased from 46.03 (Mar 23) to 158.87, marking an increase of 112.84.
For Cash EPS (Rs.), as of Mar 24, the value is 277.70. This value is within the healthy range. It has increased from 159.08 (Mar 23) to 277.70, marking an increase of 118.62.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 1,001.82. It has increased from 854.64 (Mar 23) to 1,001.82, marking an increase of 147.18.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 1,001.82. It has increased from 854.64 (Mar 23) to 1,001.82, marking an increase of 147.18.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 2,952.65. It has increased from 2,797.25 (Mar 23) to 2,952.65, marking an increase of 155.40.
For PBDIT / Share (Rs.), as of Mar 24, the value is 413.34. This value is within the healthy range. It has increased from 244.93 (Mar 23) to 413.34, marking an increase of 168.41.
For PBIT / Share (Rs.), as of Mar 24, the value is 287.55. This value is within the healthy range. It has increased from 128.91 (Mar 23) to 287.55, marking an increase of 158.64.
For PBT / Share (Rs.), as of Mar 24, the value is 206.65. This value is within the healthy range. It has increased from 60.80 (Mar 23) to 206.65, marking an increase of 145.85.
For Net Profit / Share (Rs.), as of Mar 24, the value is 151.91. This value is within the healthy range. It has increased from 43.06 (Mar 23) to 151.91, marking an increase of 108.85.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 158.88. This value is within the healthy range. It has increased from 46.02 (Mar 23) to 158.88, marking an increase of 112.86.
For PBDIT Margin (%), as of Mar 24, the value is 13.99. This value is within the healthy range. It has increased from 8.75 (Mar 23) to 13.99, marking an increase of 5.24.
For PBIT Margin (%), as of Mar 24, the value is 9.73. This value is below the healthy minimum of 10. It has increased from 4.60 (Mar 23) to 9.73, marking an increase of 5.13.
For PBT Margin (%), as of Mar 24, the value is 6.99. This value is below the healthy minimum of 10. It has increased from 2.17 (Mar 23) to 6.99, marking an increase of 4.82.
For Net Profit Margin (%), as of Mar 24, the value is 5.14. This value is within the healthy range. It has increased from 1.53 (Mar 23) to 5.14, marking an increase of 3.61.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 5.38. This value is below the healthy minimum of 8. It has increased from 1.64 (Mar 23) to 5.38, marking an increase of 3.74.
For Return on Networth / Equity (%), as of Mar 24, the value is 15.89. This value is within the healthy range. It has increased from 5.41 (Mar 23) to 15.89, marking an increase of 10.48.
For Return on Capital Employeed (%), as of Mar 24, the value is 20.54. This value is within the healthy range. It has increased from 9.50 (Mar 23) to 20.54, marking an increase of 11.04.
For Return On Assets (%), as of Mar 24, the value is 6.43. This value is within the healthy range. It has increased from 1.93 (Mar 23) to 6.43, marking an increase of 4.50.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.23. This value is within the healthy range. It has decreased from 0.41 (Mar 23) to 0.23, marking a decrease of 0.18.
For Total Debt / Equity (X), as of Mar 24, the value is 0.40. This value is within the healthy range. It has decreased from 0.60 (Mar 23) to 0.40, marking a decrease of 0.20.
For Asset Turnover Ratio (%), as of Mar 24, the value is 1.22. It has increased from 1.21 (Mar 23) to 1.22, marking an increase of 0.01.
For Current Ratio (X), as of Mar 24, the value is 0.63. This value is below the healthy minimum of 1.5. It has decreased from 0.64 (Mar 23) to 0.63, marking a decrease of 0.01.
For Quick Ratio (X), as of Mar 24, the value is 0.36. This value is below the healthy minimum of 1. It has decreased from 0.37 (Mar 23) to 0.36, marking a decrease of 0.01.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 6.05. This value is within the healthy range. It has increased from 6.04 (Mar 23) to 6.05, marking an increase of 0.01.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 7.55. This value is below the healthy minimum of 20. It has increased from 6.52 (Mar 23) to 7.55, marking an increase of 1.03.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 4.21. This value is below the healthy minimum of 20. It has increased from 1.85 (Mar 23) to 4.21, marking an increase of 2.36.
For Earning Retention Ratio (%), as of Mar 24, the value is 92.45. This value exceeds the healthy maximum of 70. It has decreased from 93.48 (Mar 23) to 92.45, marking a decrease of 1.03.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 95.79. This value exceeds the healthy maximum of 70. It has decreased from 98.15 (Mar 23) to 95.79, marking a decrease of 2.36.
For Interest Coverage Ratio (X), as of Mar 24, the value is 6.21. This value is within the healthy range. It has increased from 4.09 (Mar 23) to 6.21, marking an increase of 2.12.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 3.50. This value is within the healthy range. It has increased from 1.86 (Mar 23) to 3.50, marking an increase of 1.64.
For Enterprise Value (Cr.), as of Mar 24, the value is 12,411.06. It has increased from 7,904.07 (Mar 23) to 12,411.06, marking an increase of 4,506.99.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 1.04. This value is within the healthy range. It has increased from 0.69 (Mar 23) to 1.04, marking an increase of 0.35.
For EV / EBITDA (X), as of Mar 24, the value is 7.42. This value is within the healthy range. It has decreased from 7.98 (Mar 23) to 7.42, marking a decrease of 0.56.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 0.90. This value is below the healthy minimum of 1. It has increased from 0.51 (Mar 23) to 0.90, marking an increase of 0.39.
For Retention Ratios (%), as of Mar 24, the value is 92.44. This value exceeds the healthy maximum of 70. It has decreased from 93.47 (Mar 23) to 92.44, marking a decrease of 1.03.
For Price / BV (X), as of Mar 24, the value is 2.68. This value is within the healthy range. It has increased from 1.71 (Mar 23) to 2.68, marking an increase of 0.97.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 0.90. This value is below the healthy minimum of 1. It has increased from 0.51 (Mar 23) to 0.90, marking an increase of 0.39.
For EarningsYield, as of Mar 24, the value is 0.05. This value is below the healthy minimum of 5. It has increased from 0.03 (Mar 23) to 0.05, marking an increase of 0.02.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of CEAT Ltd as of April 4, 2025 is: 3,507.75

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 4, 2025, CEAT Ltd is Undervalued by 20.96% compared to the current share price 2,900.00

Intrinsic Value of CEAT Ltd as of April 4, 2025 is: 3,584.94

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 4, 2025, CEAT Ltd is Undervalued by 23.62% compared to the current share price 2,900.00

Last 5 Year EPS CAGR: 2.20%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 17.50%, which is a positive sign. The stock has a low average Working Capital Days of -3.75, which is a positive sign. The company has higher reserves (2,615.54 cr) compared to borrowings (1,454.77 cr), indicating strong financial stability. The company has shown consistent growth in sales (7.08 cr) and profit (420.15 cr) over the years.	The stock has a high average Cash Conversion Cycle of 20.75, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in CEAT Ltd:
1. Net Profit Margin: 5.14%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 20.54% (Industry Average ROCE: 19.06%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 15.89% (Industry Average ROE: 16.02%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 3.5
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.36
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 23.1 (Industry average Stock P/E: 29.15)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.4
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Ceat Ltd. is a Public Limited Listed company incorporated on 10/03/1958 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L25100MH1958PLC011041 and registration number is 011041. Currently Company is involved in the business activities of Manufacture of rubber tyres and tubes for motor vehicles, motorcycles, scooters, three-wheelers, tractors and aircraft. Company's Total Operating Revenue is Rs. 11892.60 Cr. and Equity Capital is Rs. 40.45 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Tyres & Tubes	463, Dr. Annie Besant Road, Worli, Mumbai Maharashtra 400030	investors@ceat.com http://www.ceat.com

Management
Name	Position Held
Mr. H V Goenka	Chairman
Mr. Anant Vardhan Goenka	Vice Chairman
Mr. Arnab Banerjee	Managing Director & CEO
Mr. Paras K Chowdhary	Non Independent Director
Mr. Pierre E Cohade	Non Independent Director
Mr. Atul C Choksey	Independent Director
Ms. Daisy Chittilapilly	Independent Director
Mr. Haigreve Khaitan	Independent Director
Mr. Mahesh S Gupta	Independent Director
Mr. Milind Sarwate	Independent Director
Ms. Priya Nair	Independent Director
Mr. Ranjit V Pandit	Independent Director
Ms. Sukanya Kripalu	Independent Director
Mr. Praveen Pardeshi	Ind. Non-Executive Director

FAQ

What is the intrinsic value of CEAT Ltd?

CEAT Ltd's intrinsic value (as of 04 April 2025) is ₹3507.75 — 20.96% higher the current market price of ₹2,900.00, indicating undervalued. Calculated using the PE ratio method, this valuation considers the company's 11,736 Cr. market cap, FY2025-2026 high/low of ₹3,581/2,210, reserves of 4,160 Cr, and liabilities of 10,798 Cr.

What is the Market Cap of CEAT Ltd?

The Market Cap of CEAT Ltd is 11,736 Cr..

What is the current Stock Price of CEAT Ltd as on 04 April 2025?

The current stock price of CEAT Ltd as on 04 April 2025 is 2,900.

What is the High / Low of CEAT Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of CEAT Ltd stocks is ₹3,581/2,210.

What is the Stock P/E of CEAT Ltd?

The Stock P/E of CEAT Ltd is 23.1.

What is the Book Value of CEAT Ltd?

The Book Value of CEAT Ltd is 1,038.

What is the Dividend Yield of CEAT Ltd?

The Dividend Yield of CEAT Ltd is 1.03 %.

What is the ROCE of CEAT Ltd?

The ROCE of CEAT Ltd is 20.4 %.

What is the ROE of CEAT Ltd?

The ROE of CEAT Ltd is 18.1 %.

What is the Face Value of CEAT Ltd?

The Face Value of CEAT Ltd is 10.0.